Executive Mosaic’s GovCon Index bounced back from Thursday’s steep loss, rising 1.42% to $5,505.35. Wall Street turned positive as the third-quarter earnings season gets underway. The Dow Jones Industrial Average (+0.97%) and S&P 500 (+0.61%) finished at all-time closing highs, while the Nasdaq Composite (+0.33%) settled higher.
JPMorgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC) kicked off the new earnings season, advancing 4.44% and 5.61%, respectively, on better-than-expected Q3 2024 earnings results. Ridesharing firm Uber (NYSE: UBER) topped S&P 500 gainers with 10.81%, and Tesla (Nasdaq: TSLA), down 8.78%, led Nasdaq decliners.
28 of 30 stocks powered the GovCon Index before the weekend. V2X (NYSE: VVX) and AeroVironment (Nasdaq: AVAV) topped gainers, popping +7.67% and +4.22%. Accenture (NYSE: ACN) and Palantir Technologies (NYSE: PLTR) leaned to the red.
Boeing (NYSE: BA) climbed 3% but fell 0.94% in after-hours trading. The company released a message to employees on positioning for the future. Its CEO, Kelly Ortberg, said the business is in a difficult position and requires tough decisions. Besides delaying the 777X program, Boeing will lay off 17,000 employees, around 10% of its workforce.
V2X will present at the 2024 Association of the United States Army Annual Meeting on October 14. The provider of critical mission solutions will showcase its AI-augmented real-time spectrum operations or RTSO, that aims to enhance U.S. Army readiness and national security.
Also, on Friday, HII (NYSE: HII) rose 2.59% following the launch of the first Flight II San Antonio-class landing platform dock ship on Thursday by Ingalls Shipbuilding, its business unit. The USS Harrisburg, the U.S. Navy’s 14th San Antonio-class vessel, was transferred from land to a floating dock.
FactSet expects S&P 500 companies to register a fifth-straight quarter of year-over-year earnings growth rate. The business data and analytics firm also projects earnings growth above 7% for Q3 2024. However, Bloomberg Intelligence sees an average 4.7% increase from a year ago. Meanwhile, Middle East tensions remain a headwind for stocks.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,505.35 | 78.23 | 1.42% |
| Dow Jones Industrial Average | 42,863.86 | 409.74 | 0.97% |
| S&P 500 | 5,815.03 | 34.98 | 0.61% |
| NASDAQ | 18,342.94 | 60.89 | 0.33% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| VVX | 64 | 4.56 | 7.67% |
| AVAV | 215.39 | 8.72 | 4.22% |
| BA | 151.02 | 4.40 | 3.00% |
| KTOS | 25.16 | 0.73 | 2.99% |
| CG | 48.27 | 1.33 | 2.83% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| AVAV | 215.39 | 8.72 | 4.22% |
| CACI | 520.97 | 8.08 | 1.58% |
| LMT | 604.17 | 6.68 | 1.12% |
| CW | 346.92 | 6.63 | 1.95% |
| HII | 259.39 | 6.54 | 2.59% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| ACN | 360.74 | -0.33 | -0.09% |
| PLTR | 43.51 | -0.01 | -0.02% |
| ICFI | 168.36 | 0.38 | 0.23% |
| NOC | 528.7 | 1.61 | 0.31% |
| GIB | 115.3 | 0.91 | 0.80% |
